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Stocks Boomerang After Twitter Hack Spooks Markets

Written by: Andrea Tse04/23/13 - 4:47 PM EDT

Tickers in this article:
COH DAL DD LCC NFLX TXN ^DJI ^GSPC ^IXIC

NEW YORK ( TheStreet) -- U.S. stocks indexes closed near session highs after a Twitter hacking event sent the Dow Jones Industrial Average crashing by nearly as many points as there are characters in a single tweet.

The Dow fell 143 points at about 1:08 p.m. New York time, temporarily erasing the day's gains after The Associated Press Twitter account erroneously reported two explosions at the White House coupled with a report that President Barack Obama had been injured. The maximum number of characters in a Tweet is 140.

Markets snapped back within minutes to near session highs after journalists attending a press briefing inside the White House reported that the Tweet was false. Another AP Twitter account, @apstylebook, confirmed that the @AP account had been hacked. The tweet occurred at about 1:08 p.m. EST.

Better-than-expected profits from Coach and airline operators Delta Air Lines and US Airways bolstered the outlook for the U.S. economy and a housing indicator pointed to strength in the sector.

Apple, the iPhone, iPad and iPod maker, was up 1.84% to $406 ahead of its fiscal second-quarter earnings report after the bell. The company is expected by analysts to post fiscal second-quarter earnings of $10.04 a share on revenue of $42.38 billion. The Nasdaq was rose 1.11% to 3,269.33.

The key to Apple's earnings report will be guidance for the June quarter, as the tech giant gets ready to refresh its product lineup , with the oft-rumored iPhone 5S and new iPad and iPad mini tablets.

Netflix, the online-entertainment company, soared 24.4% to $216.99 after posting earnings on Monday that also trumped Wall Street expectations. The company had more than 36 million streaming subscribers at the end of the quarter, up 3.05 million from the previous quarter.

"NLFX has been an interesting story and I think investors are looking at this as the new 'hot stock'," said Jonathan Corpina, senior managing partner at Meridian Equity Partners in New York.

Coach's stock surged 9.8% to $55.55 after the luxury retailer posted third-quarter profit that beat analysts' average estimates. The company also announced that its Board of Directors voted to increase its cash dividend by 15 cents annually.

Delta Air Lines added 10.5% to $16.73 and U.S. Airways jumped 5% to $16.29 after both reported rare first-quarter profits, a sign the airline industry may have found the formula for consistent financial performance .

DuPont closed up 4.1% to $52.49 after the chemicals manufacturer reaffirmed its 2013 outlook. The company reported first-quarter profit that exceeded Wall Street expectations as agricultural segment sales buffered the impact of softer demand for titanium dioxide. Dupont also raised its dividend by 5%.